Tata Capital

Standard Chartered Bank

Indiabulls

UBI - Union Bank of India

Fullerton India

Indusind Bank

RBL Bank - The Ratnakar Bank Ltd

PNB - Punjab National Bank

Dena Bank

Vijaya Bank

GE Money

Manappuram

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What is Loan Against Property: Higher Loan amount with Lower EMI

Loan Against Property can get you a higher loan amount for your business or individual needs with the advantage of lower EMI. The loan is given as a certain percentage of the property’s reasonable worth, generally around 40 % – 60 %. This is one of the inexpensive retail loans after Home Loans. Banks and financial companies offer this loan against a property, which can either be a residential/commercial building or a land.

A minimum eligibility for opting a Loan Against Property loan applicants should be salaried, self-employed, government employed, professional (doctor, engineer, architect, chartered accountant, etc), age should be in between 25 years to 65 years, net income should be Rs. 3 lakh to Rs. 5 lakhs.

For self-employed filing income tax returns, same business for a minimum number of years – generally between 3 to 5 years, 6 months updated bank statement, proof of existence of their business and the business profile, educational qualification, processing fee cheque etc.

If a customer opting for Loan Against Property amount ₹30,00,000 interest rate given by ICICI Bank is 11.5%. Now customer should have to check monthly emi, total interest amount & total outstanding including (principal amount + interest amount).

Now here you will find loan details for tenure 5 years, 10 years, 12 years & 15 years as per loan against property calculator. These values calculated on January 25, 2016.

A person can apply for Loan Against Property at Kotak Bank, either solely or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants.

HSBC BANK

HSBC Bank offer Loan Against Property up to ₹ 10 crores with a very attractive interest rate @ 10.60% for regular & 11.10% for Smart, processing charges 1% of the loan amount sanctioned or Rs. 10,000 with nil pre-payment charges, repayment option, loan tenure up to 15 years, balance transfer facility, top up & more.

Below example highlights how the interest on your loan is calculatedNote: Calculations for Rs 27 lakh at an interest rate of 10.60% p.a. for 15 years. EMI is Rs 30,013 which consists of interest and principal components as mentioned below.